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Bitcoin Cash price analysis: a breakthrough attempt

Yesterday the crypto community witnessed the rapid growth of the “alternative bitcoin” against the background of the correction of “digital gold” and the most liquid altcoyins. Over the past 24 hours, BCH jumped by more than 10% and, subsequently, just as rapidly fell. An opinion on how the price will go on Bitcoin Cash will be shared by the analyst Veselin Petkov from Alpari.

At the moment, the price of Bitcoin Cash (BCH) is moving in a downward trend (between the red lines on the chart), which began in late August.

Yesterday, the price of BCH on the threshold of the possible November hardfork SegWit2x jumped from $300 to $390, that is, it tested the downtrend line, which worked as a resistance, and now BCH again goes down.

If in the eventual hard-core in November the bitcoin-community shares in two parts, approximately in equal shares, then the developers and that part of the bitcoin community that are committed to increasing the block size will switch to Segwit2x. In this case, the demand for Bitcoin Cash will drop and the price can calmly fall to the support level of S1 ($295), and then to S2 ($192). The thing is that to some extent Segwit2x and Bitcoin Cash for someone are interchangeable from the point of view of economic feasibility.

However, if there is a Segwit2x hardcore and a new “alternative to bitcoin” appears, to which there will be no interest, or if this hardcode does not happen, the price of BCH may again jump to the resistance line of the downtrend to $480.

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